Foreign orders drop sharply, Vietnam’s textile exports slow down

According to a report by Vietnam’s “Youth Daily” on August 8: Comprehensive textile export companies reported that this year’s textile orders from abroad have experienced a rare sharp drop in recent years. As of July 15, national textile exports totaled US$12 billion, year-on-year. It grew by only 6.8%, the first time in five years that the growth rate fell below double digits. Shengli International Garment Company’s orders dropped by 20% year-on-year, which was greatly unexpected. Traditional export markets for Vietnamese textiles such as the United States, the European Union, and Japan are all reducing orders. Increasing production costs have led merchants to transfer orders to lower-cost countries such as Cambodia, Myanmar, and Indonesia. The U.S. election and Brexit also have a negative impact on merchants’ overseas orders. Foreign orders drop sharply, Vietnam’s textile exports slow down